Equality of welfare among persons has no intrinsic value. This follows from three axiological principles: (i) a principle of the indifference of the distribution of utility across time within an individual’s life, (ii) a strong supervenience principle for value, and (iii) a principle of the additivity of value across disjoint time periods. (iii) is the most likely target for attack by the egalitarian; but the rejection of (iii) creates decision-theoretic paradoxes.